After plunging earlier in the week to below $59,000, Bitcoin has struggled to recover to close the week near $63,000.
US Stocks
Stock futures were little changed in late trading on Sunday, as investors waited to gauge whether the next round of key corporate earnings could propel the market to more records.
Dow Jones futures were flat. S&P 500 futures were flat, while Nasdaq-100 futures were down 0.1%. Bond markets are closed for Columbus Day, but stock markets are open as usual.
JPMorgan Chase and Wells Fargo kicked off the third-quarter earnings season with strong results, and their stocks have rallied. Early signs of a recovery in bank profits helped push the broader market to all-time highs late last week. The S&P 500 closed above 5,800 for the first time, while the blue-chip Dow Jones also hit all-time highs.
Bank of America, Goldman Sachs and Johnson & Johnson will report their latest results on Tuesday before the market opens, while Morgan Stanley and United Airlines are set to report results on Wednesday. Walgreens Boots Alliance, Netflix and Procter & Gamble are also scheduled to report earnings this week.
While markets are climbing to new highs, investors remain nervous amid a looming presidential election in three weeks, a sudden rise in Treasury yields, uncertainty about the pace of easing by the US Federal Reserve and rising geopolitical risks in the Middle East.
The S&P 500 is up nearly 22% this year, excluding reinvested dividends. Treasury yields have also risen recently, with the benchmark 10-year yield, which is used to calculate everything from mortgages to auto loans, breaking above 4.1% last week.
On the data front, September retail sales and September industrial production figures will be released on Thursday, followed by September housing starts and building permits on Friday.
Bitcoin and Altcoins
Bitcoin fell slightly on Sunday after the recovery stalled around the $63,500 mark.
The top asset reversed down 0.5% but still managed to close the week in the green at $62,870, almost flat compared to the previous week's close of $62,819.
Altcoin market underperformed over the weekend.
Among them, Popcat (POPCAT) led the decline as it plunged more than 10%, erasing the gains of the past 7 days.
Other major projects in the top 100 such as Fantom (FTM), Helium (HNT), Dogwifhat (WIF), Uniswap (UNI), Wormhole (W), THORChain (RUNE), Bonk (BONK), Beam (BEAM), Chainlink (LINK), JasmyCoin (JASMY), NEAR Protocol (NEAR), eCash (XEC), Immutable (IMX), Nervos Network (CKB)… lost 2-6% of their value.
Ethereum (ETH) ended the week with a slight recovery. The second-largest asset by market capitalization has not seen much movement this week, spending most of the time fluctuating around the $2,400 mark. ETH is currently changing hands at $2,447, down slightly by 0.7% on the day.
